Park Slope townhouses Topped Brooklyn’s Luxury Market

Townhouses in Park Slope ruled the roost in an otherwise lackluster week for Brooklyn’s luxury market.

A home at 464 1st Street asking $5 million was the priciest in the borough to land a signed contract between Jan. 8 and Jan. 14, according to Compass’ weekly report. The 2,400-square-foot property was one of only eight Brooklyn homes asking $2 million or more to find buyers last week.

Built in 1910, the four-story townhouse has four bedrooms and four bathrooms. It also features a parlor-level floor with high ceilings, dining room with oversized windows and backyard.

Corcoran’s Paul Policastro had the listing.

The second most expensive home to enter contract was 591 4th Street, with an asking price of $4 million. The townhouse, also in Park Slope, spans 3,500 square feet and has five bedrooms and two bathrooms.

Along with gardens in the front and back, the home has formal dining room with wood paneling and an English basement.

Douglas Elliman’s Cathy Mazurek had the listing.

Townhouse valuations have risen significantly from the pandemic-era housing boom. While high mortgage rates stifled condo and co-op sales, the property type managed to sustain activity, as its higher asking prices brought buyers who don’t rely on financing.

Park Slope is no stranger to wealthy buyers, though a recent townhouse deal pushed the neighborhood’s sale record to new heights. The mansion at 53 Prospect West, once the site of the Brooklyn Society for Ethical Culture, closed last month for $13.5 million in an off-market deal.

Of the eight contracts inked, five were for condos and three were for townhouses.

The average asking price for the contracts was $3.5 million with an average price per square foot of $1,583. The homes spent an average of 318 days on the market and prices had no average discount from the listing price.